What Is An Irrevocable Trust?
When planning their estates, many people use trusts as a means to manage and distribute property. The individual who creates the trust (the grantor) can designate his or her property to be distributed to any desired beneficiary. A trustee is appointed to manage the distribution of that property.
I am attorney Connie Yi, and I can help you determine if a trust is the right estate planning option for you. If so, I can help you choose an appropriate trust (or trusts), which may include an irrevocable trust.
To schedule a consultation at one of my offices in the San Francisco area, please call 888-312-6978.
An irrevocable trust is a type of trust that, once created, cannot be changed. However, this type of trust is flexibly drafted to account for changes in life circumstances. Conversely, a revocable trust is a type of trust that can be changed during the grantor’s lifetime.
An irrevocable trust has many of the same benefits and can help you:
- Minimize estate taxes
- Protect assets and property from creditors
- Designate property to desired beneficiaries with specific timing (a one-time payment versus installments) and stipulations (the beneficiary will receive payments upon completion of college, for example)
Although irrevocable trust offers many benefits, it also presents a lot of challenges and tax issues if the trust is not carefully drafted. Property put into this type of a trust does not go through the process of probate. Talk to an estate planning attorney to discuss what estate planning options will help you meet your specific needs and goals for the future.
Questions About The Pros and Cons Of An Irrevocable Trust? Contact Us Today.
If you are interested in learning more about setting up an irrevocable trust, please contact my law office today to schedule a consultation. I speak fluent Mandarin and Cantonese.